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Health
Savings Accounts in Colorado
Health
savings account (HSA) plans can lower your premium, reduce your
income taxes, and allow you to save money for future medical expenses
tax-free. For these reasons, HSA plans have become the most
popular plans we offer.
Here's why Health
Savings Accounts have become so popular:
- An
HSA offers Lower Premiums - Because a health
savings plan in an HSA is paired with a high
deductible health insurance plan, the premium savings for
an HSA can be up to 50% or more compared to a typical low deductible
health insurance plan.
- Tax-Deductible
Contributions - Contributions to an HSA
are tax-deductible. Annual contribution limits for 2010 are capped at $3,050
for individuals and $6,100 for families. IMPORTANT: You must have
your HSA-qualified health insurance in place before December 1 in order to qualify
for a 2010 tax break. You only have , so you should apply as soon as possible.
- Pre-tax
medical expenses - Withdrawals are tax-free
and penalty-free when made for HSA
qualified expenses, including your deductible, birth control
pills, contact lenses and eyeglasses, chiropractors, dental treatment,
fertility treatment, vasectomies, and even travel expenses incurred
while seeking medical care.
- Tax-deferred
growth - Unused funds grow in your account tax-deferred,
and can be withdrawn penalty-free at age 65. There are a
variety of investment options, including savings accounts, money
market accounts, or a wide selection of mutual funds.
For more information
on how HSA plans work, see our brief "How
To" Guide to HSAs.
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"A
Health Savings Account will slash your health insurance premiums,
reduce your taxes, and make all of your medical expenses - including
dental, eyeglasses, and alternative care - tax deductible. For most
people this is the smartest and most economical way to handle their
health insurance needs."
Wiley
Long
President
ColoHealth
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The following
Health
Savings Account plans are available in Colorado:
Below are some
interesting articles on Health Savings Accounts:
Health
Savings Accounts allow you to legally avoid federal income tax by saving up to
$3,050 for singles or $6,150 for families, into your Health Savings Account.
Whatever you deposit into your account with any HSA
Administrators up to April 15, is an "above the line" tax deduction
for the previous year's income taxes, meaning you get a federal income tax deduction
for money you put in even if you take the standard deduction and don’t itemize
deductions. If your employer makes a Health Savings Account contribution
for you, it is “excluded” from income, and not subject to any income
tax or FICA. Either way, this will immediately reduce your federal income
tax due for the year. Health
Savings Accounts in the News
Health Savings Account Deposits Top $1 Billion for Single Bank
United Health Group Inc., now one of the Twin Cities’ largest banks, has seen its OptumHealth Bank top the $1-billion mark for deposits on its books, and it's all due to Health Savings Accounts. By the end of June, its Health Savings Account deposits were at $1.025 billion. Chartered in Salt Lake City and part of Minnetonka-based UnitedHealth, UnitedHealth has helped thousands of employers to set up Health Savings Accounts for their employees.
Can A Health Savings Account Help You Bridge Employment Gaps?
Health Savings Accounts may have been stifled by complex regulations, but these accounts can do much more than just turn your healthcare bills into tax deductions. With unemployment a constant threat, health savings accounts help people maintain coverage between jobs, and even into retirement.
Anyone under 65 can start a Health Savings Account once they buy a qualified high-deductible health insurance plan. That's an insurance plan with a deductible of at least $1,050 for individuals or $2,100 for families. These plans mush also have a limit of $5,250 for an individual and $10,500 for a family on their out-of-pocket costs.
Health Savings Accounts: Why Have Ten Million People Enrolled?
As of January 2010, ten million Americans already have a Health Savings Account (HSA) and this form of tax-advantaged saving to pay medical expenses has only been available since 2004. Why are these plans growing so fast?
The number of people enrolling in a Health Savings Account increased by 25 percent since 2009. The fastest growing market for HSA plans was for large-group coverage, followed by small-group coverage. Thirty percent of those with an HSA were in the small group market, and 50 percent were in the large-group market.
Health Savings Accounts: Can You Cut Your Healthcare Expenses With One?
Millions of Health Savings Account owners are trying to do just that. They have already deposited billions of dollars with the intent of covering their future medical expenses with tax-deductible dollars.
Why are Health Savings Accounts so attractive? You can invest tax-free money in a Health Savings Account and still control the type of investment. You can choose anything from savings accounts to a full brokerage house.
Health Savings Accounts: Why Are Customers Investing Record Amounts In Them?
J.P. Morgan Treasury Services manage more than 530,000 health savings accounts for people who have deposited a combined total of approximately $800 million nationwide. Health savings accounts are growing so fast because they allow individuals to save tax-free to pay their future medical bills.
At the end of 2009, 45 percent of J.P. Morgan's health savings account (HSA) customers held more than $1,000 in their accounts. That represented a 10 percent increase from the previous year.
Health Savings Accounts See Increase in Popularity with New Healthcare Law
After a slow-down, Health Savings Accounts are rebounding in popularity after the passage of the new healthcare laws. "The number of requests for HSA proposals and requests for HSA information are up a lot for January enrollments from Fortune 500 groups," according to the president of HSA Bank, Kirk Hoewisch.
As President Obama was poised to sign healthcare reform into law, employers seemed to cautiously stall major health insurance decisions. Would Health Savings Accounts remain a part of U.S. healthcare?
High-deductible Health-insurance Plans Attract Employers
Despite mixed reviews, the high-deductible health plans that typically keep premiums low and their linked health savings accounts are becoming increasingly popular with employers. With only minor changes from new healthcare laws, it's still cheaper for employers to provide HSA Plans to employees than to provide comprehensive health coverage.
Health Savings Accounts: Do They Work With Low-cost Plans?
High-deductible health insurance plans, in general, offer lower premiums in exchange for the insured accepting part of risk. They agree to pay for their healthcare costs upto an annual deductible. In effect, they are putting a cap on their out-of-pocket expenses. The high-deductible health insurance plans that are qualified to be combined with Health Savings Accounts also offer lower-cost premiums.
Health Savings Accounts Work like Checking Accounts
If you’re worried that any savings account that lets you earn tax-free interest while making healthcare expenses tax-deductible has got to have a lot of complicated rules, here's what you need to know.
Health Savings Accounts are so popular because they are user-friendly and they don't nickel-and-dime you with add-ons. Some accounts include free starter checks, free Internet access for ACH electronic transfers and free debit cards. You don’t even have to maintain a minimum balance.
Health Savings Accounts Are Still Popular after Healthcare Reform
All the recent changes in health care haven't reduced the popularity of Health Savings Accounts. In fact, employers are offering Health Savings Accounts more often as a less expensive way to cover employees. According to America’s Health Insurance Plans, more than 10 million individuals enjoy the tax-free interest and tax-deductible healthcare expenses that come with Health Savings Accounts.
You can find extensive
information on Health Savings Accounts at: http://www.Health--Savings--Accounts.com | | | |
President